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Can I File for Bankruptcy Protection More than Once?

Just because you filed for bankruptcy before doesn’t mean that you won’t have financial problems again. There are so many things that are out of our control and all of these – employment status, emergencies, health crises — which can significantly damage our finances. Fortunately, you can apply for bankruptcy protection more than once.

There is no rule stating how much time that you have to wait to file for bankruptcy a second time, but there is a limit on how many discharges you can receive over a short period of time. These rules are based on which form of protection you choose.

Chapter 7

If you received a discharge under Chapter 7 protection, you must wait eight years before you can get another discharge under a new Chapter 7 filing. If you are trying to file for Chapter 13 after a Chapter 7 filing, you must wait four years after the date of the original filing to receive a discharge.

Chapter 13

After you’ve made your Chapter 13 payments and have received a discharge, you may not receive a subsequent Chapter 13 discharge until two years after the original filing. If you’re filing for a subsequent Chapter 7, you must wait six years before you can receive a discharge.

There are exceptions to every rule and many nuances a savvy bankruptcy lawyer can use to your advantage. If you find yourself in the position of thinking about a second bankruptcy, speak to a bankruptcy attorney in your area about your options.

Contact the Law Office of Joel R. Spivack today to discuss your finances and bankruptcy options. He has been helping New Jersey and Pennsylvania residents get back on track financially for over 25 years.